Friday, April 19, 2024
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AcquisitionsAffordable HousingMichiganMidwestMultifamilyWalker & DunlopWisconsin

Walker & Dunlop Arranges Sales of Four Affordable Housing Communities in Detroit, Milwaukee

by Kristin Harlow

DETROIT AND MILWAUKEE — Walker & Dunlop has arranged the sales of four Section 8 affordable housing communities in Detroit and Milwaukee. Sales prices were not provided. The Detroit properties total 81 units and include Aaron Apartments, Field Place Apartments and West Boston Apartments. All three communities underwent significant rehabilitation in 2007 facilitated by 9 percent Low-Income Housing Tax Credits (LIHTCs). In Milwaukee, Boulevard Apartments features 235 units. The property boasts a 100 percent LIHTC allocation and is further supported by 15 percent Section 811 Project Rental Assistance. Aaron Hargrove and Eric Taylor of Walker & Dunlop represented the undisclosed buyers and sellers in all four deals.

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AcquisitionsHealthcareMidwestWisconsin

Transwestern Brokers $72M Sale of Hudson Medical Center in Western Wisconsin

by Kristin Harlow

HUDSON, WIS. — Transwestern Real Estate Services has brokered the $72 million sale of Hudson Medical Center in Hudson, about 18 miles east of St. Paul. Completed in 2023, the 160,000-square-foot building serves as a multi-specialty medical office building and ambulatory surgery center. Frank Richie, Mike Salmen, Erik Coglianese and John Huff of Transwestern represented the seller, Hudson Medical LLC, which developed the facility. Hammes Partners, a private investment platform focused exclusively on healthcare real estate, was the buyer. The property’s tenant mix includes primary care, imaging, orthopedics, ophthalmology, oncology and dermatology.

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AcquisitionsAffordable HousingMidwestMultifamilyWisconsin

CPP Acquires Woodside Terrace Affordable Housing Community in Beloit, Wisconsin, for $8M

by Kristin Harlow

BELOIT, WIS. — Community Preservation Partners (CPP) has acquired Woodside Terrace, an affordable housing community in Beloit, a city in southern Wisconsin. The development consists of 120 units, 116 of which are Section 8. The transaction marks CPP’s first investment in Wisconsin. The community will receive extensive renovations, estimated at $72,912.03 per unit. CPP’s total investment is roughly $27.4 million, which includes the purchase price of $8 million. Built in 1972, the property consists of three buildings on three contiguous parcels. There are 90 one-bedroom units averaging 540 square feet and 30 two-bedroom units averaging 835 square feet. In addition to the individual unit upgrades, the community will receive a new playground, gazebo, dog park, barbecue grills and bike racks. The property’s Section 8 contract was set to expire in 2030. With CPP’s acquisition and upgrades, the community will have renewed affordability status for 20 years. Renovations are slated for completion in December 2025. Project partners include the Wisconsin Housing and Economic Development Authority, R4 Capital, general contractor Renu, Wisconsin Management Co. and architect C&S Engineering.

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DevelopmentMidwestMultifamilyWisconsin

McShane Completes 32-Unit Supportive Living Community in Grafton, Wisconsin

by Kristin Harlow

GRAFTON, WIS. — McShane Construction Co. has completed Woodside Prairie, a 32-unit supportive living community for adults with Autism in Grafton, a northern suburb of Milwaukee. Impact Seven was the developer. Designed by New Horizon Ventures, the community offers four buildings with six single-occupant rooms and two townhome buildings with eight townhomes. A 3,700-square-foot activity building onsite features a community kitchen, craft space, computer center and fitness area. A consultant was engaged to help select interior finishes that are conducive to a healthy environment for Autistic adults. The sustainable project was designed to achieve Wisconsin Green Built Homes certification.

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AcquisitionsMidwestOfficeWisconsin

JLL Negotiates $27.3M Sale of Office Building in Middleton, Wisconsin

by Kristin Harlow

MIDDLETON, WIS. — JLL Capital Markets has negotiated the $27.3 million sale of a 200,000-square-foot office building in Middleton near Madison. The fully leased property is located at 7974 UW Health Court. UW Health occupies the four-story building and utilizes it for its administrative departments, including management, information services, compliance and patient billing services. Jaime Fink of JLL represented the seller, Investors Associated LLP. Fink also procured the buyer, AJC Investment Group, a family office located in Bloomfield Hills, Mich.

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Affordable HousingLoansMidwestMultifamilySeniors HousingWisconsin

Associated Bank, Johnson Financial Originate $54.6M in Construction Financing for Affordable Housing Project in Madison

by Kristin Harlow

MADISON, WIS. — Associated Bank and Johnson Financial Group have originated a $13 million construction loan and a $41.6 million tax-exempt bond loan for the development of Rise Madison. The Wisconsin Housing Preservation Corp. is developing the affordable housing project in the state’s capital. The 4 percent Low-Income Housing Tax Credits project will provide affordable housing for both seniors and families. The senior financing structure will take the form of tax-exempt bonds issued by the Wisconsin Housing and Economic Development Authority and held by both Associated Bank and Johnson Financial Group. Bryan Schreiter of Associated Bank and Steve Sosnowski of Johnson Financial Group handled the loan arrangements and closing. The four-building project is situated on Rise Lane. Units will be offered to tenants with income levels at or below 80 percent of the Dane County median income. Two five-story buildings will be marketed for families. One will have a total of 110 units while the other will feature 77 units. A three-story building will have a total of 46 units designed for senior living. The fourth building will consist of 12 two-story townhomes. Older buildings on the project site have been demolished, and phased construction is underway. The first building …

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AcquisitionsIllinoisMidwestOfficeWisconsin

Newmark Brokers Four Office Sales in Illinois, Wisconsin Totaling $45.1M

by Kristin Harlow

LOMBARD AND LISLE, ILL., AND PEWAUKEE, WIS. — Newmark has brokered four sales across three office assets in Illinois and Wisconsin. Newmark represented Brennan Investment Group in the $25.9 million sale of Woodlake Corporate Park in Lombard, Ill., in two transactions. Five buildings sold to Avalair Group, while two buildings sold to Woodside Capital Partners. Newmark also represented the sellers in the $19.2 million sale of 2300 Cabot Drive in Lisle, Ill., and One & Two Riverwood Place in Pewaukee, Wis. Bridge Investment Group sold 2300 Cabot Drive to Urban Commercial Property Group. The Broe Group sold One & Two Riverwood Place to Woodside Capital Partners. Jim Postweiler, Peter Harwood, Derek Fohl and Jack Trager of Newmark were the brokers involved in the transactions.

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DevelopmentIndustrialMidwestWisconsin

Brinkmann Constructors Completes Two Spec Industrial Buildings Totaling 1.2 MSF in Kenosha, Wisconsin

by Kristin Harlow

KENOSHA, WIS. — Brinkmann Constructors has completed two speculative industrial buildings totaling 1.2 million square feet at Flint 94 Commerce Center, a 128-acre industrial park in Kenosha. Flint Development is the developer. One of the buildings totals 735,000 square feet, while the other spans 510,000 square feet. Both facilities feature a shipping office build-out and amenities such as ample heavy trailer parking, ESFR sprinklers and LED lighting.

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AcquisitionsMidwestRetailWisconsin

Mid-America Arranges Sale of 114,221 SF Westhill Plaza Shopping Center in Appleton, Wisconsin

by Kristin Harlow

APPLETON, WIS. — Mid-America Real Estate Corp. has arranged the sale of Westhill Plaza in Appleton for an undisclosed price. The 114,221-square-foot shopping center is 93 percent leased to tenants such as Burlington, Boot Barn and Party City. Rick Drogosz, Emily Gadomski and Dan Rosenfeld of Mid-America represented the seller, CRG Investments. Brookwood Capital Advisors was the buyer.

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AcquisitionsMidwestMultifamilyWisconsin

Marcus & Millichap Arranges Sale of 158-Unit Multifamily Portfolio in Wisconsin

by Kristin Harlow

MANITOWOC, MCFARLAND AND MADISON, WIS. — Marcus & Millichap has arranged the sale of a 158-unit multifamily portfolio in Wisconsin for an undisclosed price. The properties include Benley Manor, Central Park West, Woodland Commons and The Trafalgar Apartments. Benley Manorf and Central Park West, located in Manitowoc, were built between 1996 and 1998 and offer townhome-style units. Woodland Commons in McFarland was built between 2005 and 2006 and offers amenities such as a pool, spa, community room and fitness center. The Trafalgar Apartments in Madison was built in 2005 and features in-unit washers and dryers along with private balconies. Matthew Whiteside of Marcus & Millichap represented the seller, a private investor, and the buyer, a private investor.

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